Mutual of America Capital Management LLC Sells 2,810 Shares of Primerica, Inc. (NYSE:PRI)

Mutual of America Capital Management LLC cut its stake in Primerica, Inc. (NYSE:PRI) by 6.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 40,678 shares of the financial services provider’s stock after selling 2,810 shares during the period. Mutual of America Capital Management LLC’s holdings in Primerica were worth $9,624,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in PRI. Envestnet Portfolio Solutions Inc. lifted its stake in Primerica by 5.4% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 2,673 shares of the financial services provider’s stock worth $550,000 after acquiring an additional 138 shares during the period. Vanguard Personalized Indexing Management LLC lifted its stake in Primerica by 56.7% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 3,290 shares of the financial services provider’s stock worth $677,000 after acquiring an additional 1,191 shares during the period. Janney Montgomery Scott LLC lifted its stake in Primerica by 2.7% in the fourth quarter. Janney Montgomery Scott LLC now owns 9,405 shares of the financial services provider’s stock worth $1,935,000 after acquiring an additional 246 shares during the period. Norges Bank purchased a new stake in Primerica in the fourth quarter worth about $31,194,000. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Primerica during the fourth quarter valued at about $442,000. 90.88% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on PRI. Jefferies Financial Group increased their price target on shares of Primerica from $239.00 to $249.00 and gave the company a “hold” rating in a research report on Thursday, July 18th. Morgan Stanley increased their price objective on shares of Primerica from $257.00 to $269.00 and gave the company an “equal weight” rating in a research report on Monday, August 19th. Piper Sandler started coverage on shares of Primerica in a research report on Friday, August 30th. They issued a “neutral” rating and a $283.00 price objective for the company. StockNews.com lowered shares of Primerica from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Primerica from $255.00 to $275.00 and gave the company a “market perform” rating in a research report on Wednesday, July 17th. Six equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, Primerica currently has a consensus rating of “Hold” and a consensus target price of $275.20.

Primerica Price Performance

Shares of NYSE PRI opened at $255.84 on Thursday. The firm’s 50 day simple moving average is $253.54 and its 200-day simple moving average is $239.86. Primerica, Inc. has a 12 month low of $184.76 and a 12 month high of $265.27. The stock has a market capitalization of $8.80 billion, a price-to-earnings ratio of 15.57 and a beta of 1.09.

Primerica (NYSE:PRI) last released its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $4.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.47 by $0.24. The firm had revenue of $803.38 million for the quarter, compared to analysts’ expectations of $748.88 million. Primerica had a net margin of 14.85% and a return on equity of 27.81%. The firm’s revenue for the quarter was up 16.7% compared to the same quarter last year. During the same quarter last year, the company earned $3.99 EPS. Analysts anticipate that Primerica, Inc. will post 17.94 earnings per share for the current fiscal year.

Primerica Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Wednesday, August 21st were issued a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 1.41%. The ex-dividend date was Wednesday, August 21st. This is a positive change from Primerica’s previous quarterly dividend of $0.75. Primerica’s payout ratio is currently 21.91%.

Insider Transactions at Primerica

In other news, Director John A. Jr. Addison sold 2,000 shares of Primerica stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $253.85, for a total transaction of $507,700.00. Following the transaction, the director now owns 15,151 shares in the company, valued at approximately $3,846,081.35. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Glenn J. Williams sold 3,000 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $252.55, for a total transaction of $757,650.00. Following the completion of the sale, the chief executive officer now directly owns 45,322 shares of the company’s stock, valued at approximately $11,446,071.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John A. Jr. Addison sold 2,000 shares of Primerica stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $253.85, for a total value of $507,700.00. Following the completion of the transaction, the director now directly owns 15,151 shares of the company’s stock, valued at $3,846,081.35. The disclosure for this sale can be found here. Insiders have sold a total of 6,500 shares of company stock worth $1,657,015 in the last quarter. Company insiders own 0.85% of the company’s stock.

Primerica Company Profile

Primerica, Inc, together with its subsidiaries, provides financial products and services to middle-income households in the United States and Canada. The company operates in four segments: Term Life Insurance; Investment and Savings Products; Senior Health; and Corporate and Other Distributed Products.